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India’s open commerce network expands into digital lending

TechCrunch LogoTechCrunch11h ago

India’s open commerce network expands into digital lending - TechCrunch

Quick Summary:

ONDC claims that, unlike traditional loans that require a few days to complete the transaction, digital loans through the network will be delivered in six minutes.

An initiative of the Indian commerce ministry, ONDC includes a list of commercial banks among its investors, including those that will work on the digital lending service.

Lending service providers and lenders on the network will use the ONDC protocol as a standardized framework to get a broader reach.


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Article Details

Author / Journalist: Jagmeet Singh

Category: Technology

Markets:

Topics:

Source Website Secure: Yes (HTTPS)

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Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-22 @ 16:21:32 (11 hours ago)

News Timezone: GMT -5:00

News Source URL: techcrunch.com

Language: English

Article Length: 1234 words

Reading Time: 7 minutes read

Sentences: 52 lines

Sentence Length: 24 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © TechCrunch

News ID: 22212522

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